AutoZone Joins Retailers Stifled by U.S. Tax Refund Delays
- Profit and sales miss estimates on slow start to third quarter
- Wal-Mart, Foot Locker also cited Americans waiting on refunds
An AutoZone Inc. store in Albuquerque, New Mexico.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
AutoZone Inc. reported profit and sales that missed analyst estimates as the seller of car replacement parts joined a chorus of retailers saying U.S. tax refund delays squelched demand early this year.
Net income excluding some items was $11.44 per share during the third quarter ended May 6, trailing the low end of 25 analysts’ estimates in a Bloomberg survey. Sales for stores open at least one year declined 0.8 percent, also missing projections.